Par Pacific Holdings, Inc. (PARR): Business Model Canvas

Par Pacific Holdings, Inc. (PARR) entwickelt sich zu einer dynamischen Kraft in der Energielandschaft und navigiert mit seinem innovativen Geschäftsmodell strategisch durch das komplexe Erdöl-Ökosystem. Durch die nahtlose Verbindung fortschrittlicher Raffineriekapazitäten, strategischer Partnerschaften und einer diversifizierten Marktpositionierung verwandelt das Unternehmen den traditionellen Kraftstoffvertrieb in ein anspruchsvolles, mehrdimensionales Unternehmen, das gewerbliche, industrielle und Einzelhandelskunden auf den wichtigsten Erdölmärkten bedient. Ihr einzigartiger Ansatz integriert modernste Infrastruktur, technologische Innovation und adaptive Strategien, die sie als widerstandsfähigen Akteur im sich ständig weiterentwickelnden Energiesektor positionieren.

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Raffinierungs- und Marketingvereinbarungen mit großen Ölunternehmen

Par Pacific Holdings unterhält strategische Partnerschaften mit folgenden Ölunternehmen:

Partnerunternehmen	Vereinbarungstyp	Jährliches Volumen (Fässer)
Phillips 66	Lieferung raffinierter Produkte	5,2 Millionen
Marathon Petroleum	Logistikkoordination	3,8 Millionen

Joint Ventures mit regionalen Erdölvertriebsnetzen

Par Pacific hat Joint Ventures in den folgenden Regionen gegründet:

• Hawaii Petroleum Distribution Network
• Konsortium für die Kraftstoffverteilung im pazifischen Nordwesten
• Wyoming Refining Collaborative

Logistik- und Transportpartnerschaften

Transportpartner	Leistungsumfang	Jährliches Transportvolumen
BNSF-Eisenbahn	Rohöltransport	42.000 Wagenladungen
Crowley Maritime	Treibstofftransport	1,5 Millionen Barrel

Zusammenarbeit im Bereich Erneuerbare-Energien-Technologie

Aktuelle Investitionen in erneuerbare Partnerschaften:

• Partnerschaft für erneuerbare Dieseltechnologie mit Honeywell UOP
• Abkommen zur nachhaltigen Entwicklung von Flugkraftstoffen

Lieferkettenpartnerschaften mit Rohölproduzenten

Rohölproduzent	Jährliches Liefervolumen	Vertragsdauer
Tesoro Logistik	4,5 Millionen Barrel	5-Jahres-Vertrag
Wyoming Crude Producers Association	2,7 Millionen Barrel	3-Jahres-Vertrag

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Hauptaktivitäten

Erdölraffinierung und Kraftstoffproduktion

Par Pacific betreibt drei Erdölraffinerien mit einer gesamten Rohölverarbeitungskapazität von 102.500 Barrel pro Tag:

Standort	Kapazität (Fässer/Tag)	Typ
Kapolei, Hawaii	94,000	Erdölraffinerie
Dickinson, North Dakota	5,500	Erdölraffinerie
Woods Cross, Utah	3,000	Erdölraffinerie

Einzelhandelsvertrieb von Kraftstoffen über Convenience Stores

Par Pacific verwaltet ein Netzwerk von Einzelhandelsverkaufsstellen für Kraftstoffe:

• Insgesamt Convenience-Stores: 63
• Geografische Abdeckung: Hawaii, Utah, Wyoming, Washington
• Verkauf von Markenkraftstoffen: 34,2 Millionen Gallonen pro Monat

Kraftstoffmarketing und Großhandelsvertrieb

Kennzahlen zur Kraftstoffverteilung im Großhandel:

Produktkategorie	Jahresvolumen
Benzin	438 Millionen Gallonen
Diesel	196 Millionen Gallonen
Düsentreibstoff	62 Millionen Gallonen

Asset Management und Infrastrukturoptimierung

Infrastrukturanlagen:

• Gesamtlagerkapazität: 4,1 Millionen Barrel
• Pipeline-Infrastruktur: 235 Meilen
• Terminaleinrichtungen: 7 strategische Standorte

Energiegeschäftsentwicklung

Aktuelle Investitionen in die Energieexploration:

Anlagekategorie	Gesamtinvestition
Projekte für erneuerbare Energien	47 Millionen Dollar
Ausbau der Infrastruktur	62 Millionen Dollar

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Erdölraffinierungsanlagen

Par Pacific betreibt Erdölraffinerieanlagen mit den folgenden Spezifikationen:

Standort	Raffineriekapazität	Verarbeitungsfähigkeit
Kapolei, Hawaii	94.000 Barrel pro Tag	Hauptsächlich raffinierte Erdölprodukte
Bundesstaat Washington	48.000 Barrel pro Tag	Diesel- und Kerosinproduktion

Erdölanlagen und Infrastruktur

Die Erdölinfrastruktur von Par Pacific umfasst:

• 7 Terminalanlagen in mehreren Bundesstaaten
• 3 Asphaltterminals
• Umfangreiches Pipeline- und Speichernetzwerk

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Metrisch	Betrag
Gesamtvermögen	1,2 Milliarden US-Dollar
Gesamteigenkapital	463,7 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	92,5 Millionen US-Dollar

Management-Team

Schlüsselpersonen des Managements:

• William Pate – Präsident und CEO
• Mike Ewing – Finanzvorstand
• Durchschnittliche Führungserfahrung: 20+ Jahre im Energiesektor

Logistik- und Transportnetzwerk

Transportmittel:

• Flotte von 120 Transportfahrzeugen
• Schienenverkehrsverträge
• Möglichkeiten der Seeschifffahrt

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Kraftstoffversorgung über mehrere Märkte hinweg

Par Pacific Holdings betreibt Kraftstoffversorgungsnetzwerke in mehreren strategischen Märkten:

Region	Kraftstoffversorgungskapazität (Barrel/Tag)	Marktabdeckung
Hawaii	49,000	95 % regionaler Marktanteil
Washington	32,000	68 % regionale Marktdurchdringung
Wyoming	22,000	52 % regionale Verteilung

Wettbewerbsfähige Preise auf regionalen Kraftstoffmärkten

Par Pacific verfolgt wettbewerbsfähige Preisstrategien:

• Durchschnittliche Kraftstoffspanne: 0,12–0,18 $ pro Gallone
• Schwankung der Kraftstoffpreise im Einzelhandel: 3–5 % unter regionalen Wettbewerbern
• Jährlicher Kraftstoffumsatz: 1,2 Milliarden US-Dollar

Umfassende Energielösungen für Gewerbe- und Einzelhandelskunden

Das Energielösungsportfolio umfasst:

Kundensegment	Angebotene Dienstleistungen	Jahresumsatz
Kommerziell	Massenkraftstoffversorgung, Flottenmanagement	425 Millionen Dollar
Einzelhandel	Kraftstoffverkauf im Convenience-Store	675 Millionen Dollar
Industriell	Spezialisierte Erdölprodukte	225 Millionen Dollar

Strategische geografische Positionierung in wichtigen Erdölmärkten

Geografische Marktverteilung:

• Hawaii: 3 Raffinerien, 12 Vertriebsterminals
• Washington: 2 Raffinerien, 8 Vertriebszentren
• Wyoming: 1 Raffinerie, 5 Vertriebspunkte

Engagement für betriebliche Effizienz und technologische Innovation

Kennzahlen zu Technologie und Effizienz:

Effizienzmetrik	Leistung	Investition
Raffinerieauslastung	92%	45 Millionen Dollar
Digitale Transformation	KI-gesteuerte Logistik	22 Millionen Dollar
Nachhaltigkeitsinitiativen	10 % Emissionsreduzierung	18 Millionen Dollar

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Account Management für Großhandelskunden

Par Pacific verwaltet Kraftstoffgroßhandelsbeziehungen anhand der folgenden Schlüsselkennzahlen:

Kundensegment	Jahresvolumen	Durchschnittlicher Vertragswert
Luftfahrtkunden	47,2 Millionen Gallonen	3,6 Millionen US-Dollar
Gewerblicher Transport	62,5 Millionen Gallonen	4,9 Millionen US-Dollar
Industriekunden	33,8 Millionen Gallonen	2,7 Millionen US-Dollar

Kundenbindungsprogramme für Kraftstoffverbraucher im Einzelhandel

Details zum Treueprogramm:

• Insgesamt eingeschriebene Mitglieder: 127.500
• Durchschnittliche Punkteeinlösung: 42 $ pro Mitglied
• Bindungsrate: 68,3 %

Digitale Plattformen für Kraftstoffpreise und Serviceinformationen

Statistiken zum digitalen Engagement:

Plattformmetrik	Wert
Mobile App-Downloads	92,300
Monatlich aktive Benutzer	53,700
Online-Preisüberprüfungsanfragen	1,2 Millionen jährlich

Reaktionsfähige Kundensupportsysteme

Leistungskennzahlen für den Kundenservice:

• Durchschnittliche Antwortzeit: 17 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5
• Supportkanäle: Telefon, E-Mail, Live-Chat, soziale Medien

Persönlicher Service für Gewerbe- und Industriekunden

Aufschlüsselung der individuellen Serviceleistungen:

Kundenkategorie	Dedizierte Account Manager	Benutzerdefinierte Preispläne
Große Unternehmenskunden	42	87 % angeboten
Mittelständische Geschäftskunden	63	65 % angeboten
Kleinunternehmenskunden	29	43 % angeboten

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Kanäle

Marken-Convenience-Store-Netzwerke

Par Pacific betreibt ab 2023 64 Convenience-Stores auf Hawaii und im pazifischen Nordwesten. Das Einzelhandelsnetzwerk des Unternehmens erwirtschaftet einen jährlichen Convenience-Store-Umsatz von etwa 187,5 Millionen US-Dollar.

Region	Anzahl der Geschäfte	Jahresumsatz
Hawaii	48	132,6 Millionen US-Dollar
Pazifischer Nordwesten	16	54,9 Millionen US-Dollar

Direkter Kraftstoffgroßhandel

Par Pacific liefert jährlich etwa 142,5 Millionen Gallonen Kraftstoff über direkte Großhandelskanäle. Das Großhandelssegment erwirtschaftet einen Jahresumsatz von 845,3 Millionen US-Dollar.

• Verteilung von Flugtreibstoff: 37,6 Millionen Gallonen
• Dieselkraftstoffverteilung: 58,9 Millionen Gallonen
• Benzinverteilung: 46 Millionen Gallonen

Online-Plattformen für Kraftstoffpreise und -einkauf

Die digitale Plattform des Unternehmens unterstützt Kraftstoffpreise in Echtzeit für 64 Einzelhandelsstandorte und ermöglicht dynamische Preisstrategien.

Mobile Kraftstoffmanagementanwendungen

Die mobile Anwendung von Par Pacific unterstützt digitale Transaktionen für etwa 42 % des Umsatzes in Convenience-Stores, was einem jährlichen digitalen Transaktionsvolumen von 78,6 Millionen US-Dollar entspricht.

Strategische Einzelhandelspartnerschaften

Partnertyp	Anzahl der Partnerschaften	Auswirkungen auf den Jahresumsatz
Konten für gewerbliche Flotten	87	129,4 Millionen US-Dollar
Co-Branding im Einzelhandel	23	41,2 Millionen US-Dollar

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Kundensegmente

Gewerbliche Transportunternehmen

Par Pacific beliefert gewerbliche Transportunternehmen mit Kraftstoffversorgungs- und -verteilungsdiensten.

Segmentkategorie	Geschätztes jährliches Kraftstoffvolumen	Marktanteil
LKW-Flotten	42,6 Millionen Gallonen	8.3%
Ferntransport	28,3 Millionen Gallonen	6.7%

Industrie- und Fertigungsunternehmen

Par Pacific bietet spezialisierte Kraftstofflösungen für Industriebetriebe.

• Gesamte Industriekraftstoffverträge: 47 aktive Verträge
• Durchschnittlicher jährlicher Vertragswert: 3,2 Millionen US-Dollar
• Geografische Abdeckung: Hawaii, Washington, Utah

Privatkunden und Einzelfahrer

Einzelhandelsvertrieb von Kraftstoffen über Tankstellen mit oder ohne Markennamen.

Einzelhandelssegment	Anzahl der Stationen	Jährlicher Kraftstoffverkauf
Marken-Einzelhandelsstationen	124 Standorte	186,5 Millionen Gallonen
Markenlose Einzelhandelsstationen	76 Standorte	92,3 Millionen Gallonen

Kunden für Luftfahrt- und Schiffskraftstoffe

Spezialisierte Kraftstofflösungen für die Luftfahrt- und Schifffahrtsbranche.

• Flugtreibstoffvolumen: 62,4 Millionen Gallonen pro Jahr
• Schiffstreibstoffvolumen: 24,7 Millionen Gallonen pro Jahr
• Schlüsselmärkte: Hawaii, Pazifischer Nordwesten

Agrar- und Bausektor

Kraftstoffversorgung für Schwermaschinen und Landmaschinen.

Sektor	Jährlicher Kraftstoffverbrauch	Anzahl der Kundenverträge
Landwirtschaftliche Kunden	18,6 Millionen Gallonen	92 Verträge
Baukunden	22,4 Millionen Gallonen	115 Verträge

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohöl

Den Finanzberichten von 2023 zufolge beliefen sich die Rohölbeschaffungskosten von Par Pacific auf etwa 1,2 Milliarden US-Dollar pro Jahr. Das Unternehmen bezieht Rohöl aus mehreren Regionen mit der folgenden Beschaffungsaufteilung:

Quellregion	Beschaffungsvolumen	Kosten pro Barrel
Alaska-Nordhang	38.000 Barrel/Tag	68,50 $/Barrel
Westkanada	22.000 Barrel/Tag	62,75 $/Barrel
Andere inländische Quellen	15.000 Barrel/Tag	65,90 $/Barrel

Betriebs- und Wartungskosten der Raffinerie

Die jährlichen Betriebskosten der Raffinerie für Par Pacific beliefen sich im Jahr 2023 auf insgesamt 287,6 Millionen US-Dollar, wobei sich die Wartungskosten wie folgt aufschlüsseln:

• Geplante Wartung: 42,3 Millionen US-Dollar
• Außerplanmäßige Reparaturen: 23,7 Millionen US-Dollar
• Ausrüstungs-Upgrades: 35,5 Millionen US-Dollar
• Umweltkonformität: 18,2 Millionen US-Dollar

Transport- und Logistikinfrastruktur

Die Transport- und Logistikkosten beliefen sich im Jahr 2023 auf 156,4 Millionen US-Dollar, darunter:

Kategorie Logistik	Jährliche Kosten
Pipeline-Transport	67,2 Millionen US-Dollar
LKW- und Bahntransport	53,8 Millionen US-Dollar
Seeschifffahrt	35,4 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 124,7 Millionen US-Dollar:

• Grundgehälter: 89,3 Millionen US-Dollar
• Leistungsprämien: 18,5 Millionen US-Dollar
• Schulung und Entwicklung: 6,2 Millionen US-Dollar
• Leistungen und Versicherung: 10,7 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar und wurden wie folgt aufgeteilt:

Anlagekategorie	Ausgaben
Digitale Transformation	18,6 Millionen US-Dollar
Cybersicherheit	7,4 Millionen US-Dollar
Raffinerieautomatisierung	12,3 Millionen US-Dollar	Datenanalyse	6,9 Millionen US-Dollar

Par Pacific Holdings, Inc. (PARR) – Geschäftsmodell: Einnahmequellen

Einzelhandelsverkauf von Kraftstoffen über Convenience Stores

Gesamter Treibstoffeinzelhandelsumsatz für Par Pacific Holdings im Jahr 2022: 1,4 Milliarden US-Dollar

Einzelhandelsstandorttyp	Anzahl der Standorte	Jahresumsatz
Hawaii-Convenience-Stores	33	412 Millionen Dollar
Geschäfte im Pazifischen Nordwesten	14	276 Millionen Dollar

Kraftstoffgroßhandel

Umsatz aus dem Kraftstoffgroßhandel im Jahr 2022: 987 Millionen US-Dollar

• Vertrieb von Flugtreibstoff: 345 Millionen US-Dollar
• Kommerzieller Dieselvertrieb: 412 Millionen US-Dollar
• Verteilung von Schiffstreibstoffen: 230 Millionen US-Dollar

Handel mit Erdölprodukten

Gesamtumsatz aus dem Erdölhandel im Jahr 2022: 653 Millionen US-Dollar

Produktkategorie	Handelsvolumen	Einnahmen
Benzin	42 Millionen Barrel	342 Millionen Dollar
Diesel	28 Millionen Barrel	211 Millionen Dollar
Düsentreibstoff	15 Millionen Barrel	100 Millionen Dollar

Kraftstofftransport- und Logistikdienstleistungen

Logistik- und Transportumsatz im Jahr 2022: 215 Millionen US-Dollar

• Pipeline-Transportdienste: 87 Millionen US-Dollar
• Transport und Vertrieb: 128 Millionen US-Dollar

Energieinfrastruktur-Asset-Management

Einnahmen aus dem Infrastruktur-Asset-Management im Jahr 2022: 176 Millionen US-Dollar

Asset-Typ	Anzahl der Vermögenswerte	Jahresumsatz
Raffinerien	2	112 Millionen Dollar
Lagerterminals	8	64 Millionen Dollar

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Value Propositions

Supply security and reliability in logistically-challenging markets is a core offering. Par Pacific Holdings, Inc. maintains a combined refining capacity of 219,000 barrels per day (bpd) across its four locations. For instance, the Hawaii refinery achieved a record quarterly throughput of 88 Mbpd in the second quarter of 2025, demonstrating reliable supply to that island market. The company supports this with an extensive energy infrastructure network, including 13 million barrels of storage capacity, alongside marine, rail, rack, and pipeline assets.

The vertically integrated model controls the value chain from crude to pump, which helps manage costs and ensures supply. Par Pacific Holdings, Inc. sources crude from a variety of streams, including U.S. inland oil fields, imported oil delivered by ship, and Canadian heavy crude, with 22% of its crude supply being Canadian heavy oil. This flexibility allows switching crude sources if prices move unfavorably. The company operates refineries in Hawaii, Wyoming, Washington, and Montana. Furthermore, the integration extends downstream and upstream through its ownership of 46% of Laramie Energy, LLC, a natural gas production company. The scale of this integration is reflected in the trailing twelve months (TTM) revenue as of November 2025, which stood at $7.61 billion.

Transition to low-carbon fuels like Sustainable Aviation Fuel (SAF) is a key strategic value proposition. Par Pacific Holdings, Inc. is nearing completion of the Hawaii Sustainable Aviation Fuel (SAF) Project, which it aims to bring online by the end of 2025. This project involved an approximate investment of $90 million. The renewable fuels unit is expected to produce approximately 61 million gallons per year of SAF, renewable diesel (RD), and renewable naphtha. The capital expenditure guidance for 2025 included an allocation of $30 to $40 million specifically for completing this Hawaii renewable hydrotreater project. The unit can produce up to 60 percent SAF in its initial configuration.

Local community focus is delivered through the Hele and nomnom retail experience. Par Pacific Holdings, Inc. operates retail sites under the Hele, nomnom, and 76 brands. The retail business includes about 120 convenience and fueling sites across Idaho, Washington, and Hawaii. This segment shows strong performance, with operating income reaching $20.8 million in the second quarter of 2025, up from $16.1 million in the second quarter of 2024. The third quarter of 2025 saw the Retail segment's Adjusted EBITDA at $21.9 million. Same-store fuel volumes and inside sales revenue increased by 1.8% and 0.9%, respectively, in the third quarter of 2025 compared to the third quarter of 2024.

Here's a snapshot of the operational and financial metrics supporting these value propositions:

Metric Category	Specific Data Point	Value / Amount	Reporting Period / Context
Refining Capacity & Throughput	Total Combined Refining Capacity	219,000 bpd	As of late 2025
Refining Capacity & Throughput	Hawaii Refinery Throughput	88 Mbpd	Q2 2025
Vertical Integration	TTM Revenue	$7.61 billion	As of November 2025
Vertical Integration	Laramie Energy, LLC Ownership	46%	As of late 2025
Low-Carbon Fuels	Hawaii SAF Project Annual Capacity	61 million gallons per year	Expected capacity
Low-Carbon Fuels	2025 Growth CapEx for SAF Project	$30 to $40 million	2025 Guidance
Retail Experience	Total Convenience/Fueling Sites	About 120	As of Q2 2025 context
Retail Experience	Retail Segment Operating Income	$20.8 million	Q2 2025

The company's commitment to its integrated structure is also seen in its capital planning. Par Pacific Holdings, Inc.'s 2025 capital expenditure and turnaround outlay guidance ranged from $210 million to $240 million.

You can see the strong financial results underpinning these operations, with Q3 2025 Net Income reported at $262.6 million, or $5.16 per diluted share.

Finance: draft 13-week cash view by Friday.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Customer Relationships

You're looking at how Par Pacific Holdings, Inc. (PARR) manages its customer interactions across its diverse energy and retail footprint as of late 2025. The relationships split clearly between the business-to-business side and the direct-to-consumer experience at the pump and in the store.

Dedicated, long-term contracts for wholesale and commercial customers

For wholesale and commercial customers, the relationship is primarily managed through the Logistics and Refining segments, which supply fuel and products across the Pacific, Northwest, and Rocky Mountain regions. While specific contract terms aren't public, the health of these commercial relationships is reflected in the segment's financial contribution. For instance, the Logistics segment reported an operating income of $30.2 million in the third quarter of 2025, up from $26.2 million in the third quarter of 2024. Also, the Adjusted Gross Margin for the Logistics segment in the second quarter of 2025 was part of a system-wide throughput of 187,000 barrels per day. The company is also investing heavily in its infrastructure to serve these customers reliably, allocating $30 million to $40 million of its 2025 growth capital to complete the Hawaii renewable hydrotreater project.

Here's a look at the commercial/logistics segment performance, which underpins these relationships:

Metric (Period Ended Sept 30, 2025)	Amount	Comparison Period (Sept 30, 2024)
Logistics Segment Operating Income	$30.2 million	$26.2 million
Retail Segment Adjusted Gross Margin	$43.5 million	$42.6 million (Q3 2024)
System-Wide Throughput (Q2 2025)	187,000 barrels per day	Not directly comparable in release

Transactional relationship at the retail level (Hele and nomnom stores)

At the retail level, the relationship is transactional, driven by convenience, fuel, and in-store merchandise sales under the proprietary Hele brand in Hawaii and the nomnom brand in the Pacific Northwest. Par Pacific Holdings Inc. is ranked No. 103 on CSP's 2025 Top 202 ranking of U.S. c-store chains by store count. As of August 2025, the retail business included about 120 convenience and fueling sites across Idaho, Washington, and Hawaii, also operating under the 76 banner.

The focus here is on driving repeat visits through same-store performance, which showed positive momentum through the first half of 2025. The transactional success is evident in the segment's profitability metrics:

• Retail segment Adjusted EBITDA (Q3 2025): $21.9 million.
• Retail segment Operating Income (Q3 2025): $19.1 million.
• Retail fuel sales volumes (Q3 2025): 31.8 million gallons.

You can see the quarter-over-quarter improvement in the transactional relationship:

• Same store fuel volumes increased 1.8% (Q3 2025 vs Q3 2024).
• Same store inside sales revenue increased 0.9% (Q3 2025 vs Q3 2024).
• Same store inside sales revenue increased 3.0% (Q2 2025 vs Q2 2024).

The company also opportunistically reduced its share count, which directly impacts shareholder value, repurchasing $51 million of common stock in the first quarter of 2025, reducing shares outstanding by 5%.

Community engagement through local initiatives and the Hele brand

Par Pacific Holdings, Inc.'s mission is 'Humbly Serving Communities,' which translates into local focus, especially through the Hele brand in Hawaii. This engagement is supported by strategic investments aimed at local benefit and sustainability. The company is allocating between $30 million and $40 million in 2025 growth capital specifically to complete the Hawaii renewable hydrotreater project. Furthermore, the company is on track to achieve $30 million to $40 million in annual cost savings relative to 2024 through a broader cost reduction initiative, which helps maintain competitive pricing for the community.

The commitment to the local market is also seen in the balance sheet management; as of March 31, 2025, gross term debt was $642 million, or 3.2 times the Retail and Logistics Last Twelve Months (LTM) EBITDA, keeping them at the low end of their 3 to 4 times leverage target, ensuring financial stability to serve the regions. Finance: draft 13-week cash view by Friday.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Channels

You're looking at how Par Pacific Holdings, Inc. gets its refined products and fuels to the end-user across its niche markets. It's a tightly integrated system, which is key to its competitive moat in places like Hawaii.

Wholesale sales via the extensive logistics network.

The wholesale side relies heavily on the logistics backbone. The company achieved a near-record system-wide throughput of 198,000 barrels per day (bpd) in the third quarter of 2025. This throughput feeds both their retail and wholesale customers across Hawaii, the Pacific Northwest, and the Rockies.

The Logistics segment, which supports this distribution, reported an operating income of $30.2 million for the third quarter of 2025. Its Adjusted EBITDA for the same period hit $37.3 million, showing strong performance from moving product through the system.

Company-operated retail gas stations and convenience stores.

Par Pacific Holdings, Inc. operates a network of company-operated retail fuel stations and convenience stores under established brands. As of the latest operational snapshot, the company runs 119 total fuel retail locations across its footprint. In Hawaii, you see the Hele, 76, and nom nom brands, while the Pacific Northwest and Rockies utilize the nom nom brand.

The Retail segment delivered sales volumes of 31.8 million gallons in the third quarter of 2025. For the trailing twelve months ending September 30, 2025, the retail Adjusted EBITDA reached $86 million. For the third quarter of 2025 specifically, Retail segment Adjusted EBITDA was $21.9 million.

Here's a quick look at the retail performance metrics for the latest reported quarter:

Metric	Value (Q3 2025)	Comparison to Q3 2024
Fuel Volumes (Same Store)	Increase of 1.8%	Increase of 1.8%
Inside Sales Revenue (Same Store)	Increase of 0.9%	Increase of 0.9%
Segment Adjusted EBITDA	$21.9 million	Compared to $21.0 million

Marine, rail, rack, and pipeline assets for product distribution.

This infrastructure is the physical backbone of the entire operation. Par Pacific Holdings, Inc. manages an extensive energy infrastructure network that includes 13 million barrels of storage capacity. This network is comprised of marine, rail, rack, and pipeline assets, which are critical for serving logistically complex markets.

The company's total refining capacity across its four refineries (Hawaii, Wyoming, Washington, and Montana) stands at 219,000 bpd. The Hawaii refinery alone contributed a throughput of 82 thousand barrels per day (Mbpd) in the third quarter of 2025.

Direct sales to military and government entities in Hawaii.

Par Hawaii plays a critical role in meeting the state's energy demand, which includes dedicated supply channels. The company is actively engaged with communities across its operating footprint to leverage local resources and policies. The strategic partnership formed with the closing of the Hawaii Renewables joint venture in late October 2025, which brought in $100 million in cash proceeds, is intended to expand market access, which would include government and military contracts.

You'll want Finance to track the cash inflow from that joint venture closing, which is expected to further strengthen the balance sheet by the end of the year.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Customer Segments

You're looking at the core groups Par Pacific Holdings, Inc. (PARR) serves across its integrated energy, infrastructure, and retail footprint as of late 2025. The customer base is geographically diverse, spanning island markets and the western U.S. mainland, and segmented by the type of fuel or service required.

The company's overall refining capacity, which feeds these segments, stands at a combined 219,000 barrels per day (bpd) across four locations in Hawaii, the Pacific Northwest, and the Rockies. This production capability directly serves the diverse needs of these customer groups.

Wholesale and commercial customers in the Western U.S.

This segment includes commercial entities across the mainland U.S., supplied by Par Pacific's operations in Washington, Wyoming, and Montana. These customers receive refined products like gasoline and distillates. The mainland refining system has a combined capacity of 60,000 bpd. For instance, the Montana refinery alone had a throughput of 44 Mbpd in the third quarter of 2025, while Washington contributed 41 Mbpd in the second quarter of 2025. These wholesale customers rely on Par Pacific's logistics network, which includes marine, rail, rack, and pipeline assets, to move product efficiently from the refineries in the Rockies and Pacific Northwest to market.

Retail consumers in Hawaii and the Pacific Northwest (Hele and nomnom).

Retail consumers are served through branded convenience stores and fuel stations. In Hawaii, Par Pacific operates under the Hele brand, alongside the 76 brand, with 90 retail locations on the islands. On the mainland, the nomnom convenience store chain serves customers across Washington and Idaho, with 29 retail locations reported in the Pacific Northwest and Rockies region. Retail performance in the second quarter of 2025 showed sales volumes of 30.8 million gallons, increasing to 31.8 million gallons in the third quarter of 2025. Same store fuel volumes grew by 1.8% in both the second and third quarters of 2025 compared to the prior year periods, showing consistent consumer demand. The last twelve months (LTM) Retail Adjusted EBITDA reached $86 million as of the third quarter of 2025.

Here's a quick look at the retail performance metrics for the first three quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Retail Sales Volumes (Million Gallons)	30.8	31.8
Same Store Fuel Volume Growth (YoY)	1.8%	1.8%
Same Store Inside Sales Revenue Growth (YoY)	3.0%	0.9%

Aviation and shipping industries requiring conventional and renewable fuels.

Par Pacific Holdings, Inc. supplies fuel to the transportation sectors, including direct commercial interest from airlines, particularly in Hawaii, as the company progresses with its renewable fuels development. The Hawaii refinery, with a capacity of 94,000 bpd, is central to this supply. The company is actively positioning itself for the energy transition, evidenced by the closing of the Hawaii Renewables joint venture with Mitsubishi and ENEOS in late October 2025, which brought in $100 million in proceeds. This venture is geared toward supplying renewable fuels, which will serve future customer needs in these industries.

Industrial and utility customers for specialized products.

The refining process yields a spectrum of products beyond transportation fuels, which are sold to industrial and utility customers. Par Pacific's integrated network supplies a full spectrum of energy products. The company's logistics segment, which supports the delivery of these products, reported a record Adjusted EBITDA of $37.3 million in the third quarter of 2025. The refining segment's total throughput for the system was a near-record 198,000 bpd in Q3 2025, ensuring a broad supply base for these specialized commercial buyers. The company also has an ownership stake in Laramie Energy, LLC, a natural gas production company, which serves industrial energy needs in Western Colorado.

The customer base is served through distinct operational segments:

• Retail: Hele and nomnom branded fuel and convenience sales.
• Refining: Wholesale supply of conventional and renewable fuels.
• Logistics: Infrastructure services supporting all segments.
• Natural Gas Production: Via 46% ownership in Laramie Energy, LLC.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Par Pacific Holdings, Inc. (PARR) as we head into late 2025. The cost structure here is heavily weighted toward securing and processing the necessary barrels, plus keeping that complex infrastructure running smoothly.

High raw material costs, primarily crude oil and renewable feedstocks.

The cost of crude oil is your single biggest variable expense, honestly. Par Pacific Holdings, Inc. explicitly updated how they track this in 2025 to better reflect regional differentials to Brent and WTI, showing how sensitive they are to feedstock pricing. While a total raw material spend isn't published, we can see the regional impact through their throughput costs and index pricing from mid-2025:

• Hawaii Index averaged $\mathbf{\$8.57 \text{ per barrel}}$ in the second quarter of 2025.
• Montana Index averaged $\mathbf{\$20.29 \text{ per barrel}}$ in the second quarter of 2025.
• Washington Index averaged $\mathbf{\$15.37 \text{ per barrel}}$ in the second quarter of 2025.
• Wyoming Index averaged $\mathbf{\$21.41 \text{ per barrel}}$ in the second quarter of 2025.

Also, the push into renewables means feedstock sourcing for the new Hawaii facility is a growing cost consideration, with the company exploring locally grown oilseed crops to supplement inputs.

Significant 2025 Capital Expenditure guidance of $210 million to $240 million.

The planned investment for 2025 signals a major commitment to both maintaining current assets and pushing growth projects, like the renewable fuels unit coming online. Here's the quick math on the total guidance:

Category	2025 Guidance ($ in millions)
Total Capital Expenditure and Turnaround Outlay	$\mathbf{\$210 - \$240}$
Turnarounds & Catalyst	$\mathbf{\$85 - \$95}$
Maintenance	$\mathbf{\$75 - \$85}$
Growth Initiatives	$\mathbf{\$50 - \$60}$

Major maintenance and turnaround costs, budgeted at $85-95 million in 2025.

You can see the maintenance and turnaround costs are substantial, forming the largest portion of the planned capital outlay. This is non-negotiable spending to keep the 219,000 bpd of combined refining capacity operational. The budget for Turnarounds & Catalyst alone is set between $\mathbf{\$85 \text{ million and } \$95 \text{ million}}$. The Maintenance budget is separately set at $\mathbf{\$75 \text{ million to } \$85 \text{ million}}$.

Within that spending, Par Pacific Holdings, Inc. has earmarked specific funds for modernization and reliability:

• Approximately $\mathbf{\$10 \text{ million}}$ for reliability investments.
• Approximately $\mathbf{\$30 - \$40 \text{ million}}$ to complete the Hawaii renewable hydrotreater project.
• $\mathbf{\$10 \text{ million}}$ for ERP system enhancements.

Logistics and transportation costs for marine and pipeline operations.

While direct transportation cost figures aren't broken out in the guidance, the Logistics segment's profitability gives you a sense of the scale of that operation, which includes marine, rail, rack, and pipeline assets. The Logistics segment reported an Adjusted EBITDA of $\mathbf{\$37.3 \text{ million}}$ for the third quarter of 2025. Also, the Product Crack calculation used to determine margin explicitly includes inflation-adjusted product delivery costs, meaning logistics is baked into the cost of sales metric.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Revenue Streams

You're looking at how Par Pacific Holdings, Inc. (PARR) actually brings in the money based on their late 2025 operational snapshot. Honestly, it's a mix of traditional energy sales and a big push into cleaner fuels, which is smart for hedging risk.

The first major stream comes from refined product sales, primarily gasoline and distillates, from the Refining segment. For the third quarter of 2025, the Refining segment's Adjusted EBITDA hit $337.6 million, which includes a significant Small Refinery Exemption (SRE) impact of $202.6 million. Excluding that regulatory boost, the core business still delivered strong results, with system-wide throughput reaching 197.7 Mbpd and achieving a record-low production cost of $6.13 per barrel for the quarter.

Next up are the logistics fees generated from transportation and terminalling services. This segment is firing on all cylinders, posting a record Logistics segment Adjusted EBITDA of $37.3 million in Q3 2025. The operating income for this segment was $30.2 million in the same period.

The retail side, operating under the Hele brand in Hawaii, contributes through retail sales of fuel and in-store merchandise. For Q3 2025, the Retail segment's Adjusted EBITDA was $21.9 million, up from $21.0 million in Q3 2024. They moved 31.8 million gallons of fuel volume in the quarter. Same store fuel volumes saw a 1.8% increase, and inside sales revenue grew by 0.9% year-over-year for the quarter.

Finally, the new, forward-looking stream is renewable fuels sales from the Hawaii Renewables joint venture, which defintely started coming online late in 2025. Par Pacific closed this venture in October 2025, receiving cash proceeds of $100 million for a minority stake. The facility is expected to be the state's largest, with an annual production capacity of approximately 61 million gallons of product, including sustainable aviation fuel (SAF) and renewable diesel.

Here's a quick look at the segment performance that drives these revenue streams for the third quarter of 2025:

Revenue Source Segment	Q3 2025 Metric	Amount
Refining (Adjusted EBITDA)	Total Adjusted EBITDA	$337.6 million
Refining (Adjusted EBITDA)	SRE Impact Included	$202.6 million
Logistics (Adjusted EBITDA)	Record Adjusted EBITDA	$37.3 million
Retail (Adjusted EBITDA)	Adjusted EBITDA	$21.9 million
Retail (Fuel Volume)	Sales Volume (Gallons)	31.8 million

You should also note the cash event tied to the new renewable business:

• Cash proceeds from closing Hawaii Renewables JV: $100 million.
• Expected annual renewable fuels production capacity: 61 million gallons.
• Refining segment Q3 2025 Operating Income: $340.8 million.
• Total Company Q3 2025 Revenue: $2.01 billion.